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MONTHLY REVIEW B U S IN E S S FED ERA L RESERVE C O N D IT IO N S IN T H E S IX T H F E D E R A L R E S E R V E D IS T R IC T M a y 3 1, 1 93 9 BAN K OF A TLA N TA United States Department of Commerce by 157 wholesale firms in this District declined 11.0 per cent from March, butcor were 2.6 per cent larger than a year earlier. The April * in April but continued well above the decline, which was larger than usual, followed an increase responding period of last year. The daily rate of departin March that was also larger than usually occurs at that ment store sales increased less than usual and the season time. The wholesale price index of the Bureau of Labor ally adjusted index declined, but was still the highest for Statistics averaged slightly lower in April and was 3.2 per April of any recent year. Wholesale trade declined more cent below that for April, 1938. than usual. Residential building increased but other con struction declined, and textile operations, iron and steel ►April inventories at department stores were slightly larger production and coal output were lower. than a month, or a year, earlier, while at wholesale firms The April increase of 14.0 per cent in residential contracts they were slightly smaller. in this District compares with a decrease of 8.6 per cent foi ► The collection ratio for reporting department stores de the 37 Eastern States, but the April changes in department clined from 32.1 per cent for March to 30.5 per cent for store sales, total construction contract awards, textile opera April, while that for wholesale firms rose from 57.6 per cent tions and iron and steel activity in this District were less for March to 60.0 per cent for April. favorable than for the country as a whole. Comparing April this year with that month in 1938 the Banking At weekly reporting member banks in the Sixth gains in department store sales and textile operations in District demand deposits-adjusted in recent this District were larger than for the country, but other weeks have averaged slightly below the successive peaks series compare less favorably . The District increme of reached on April 12 and April 26, and interbank deposits 20.1 per cent in electric power production in March, over have been somewhat less than in early April, but time de March last year , compares with a national average gain of posits have increased further. Total loans and investments 11.1 per cent. at these banks have averaged somewhat higher for the first Trade The rate of merchandise distribution through three weeks of May than they have been since early January, reporting department stores increased in April and on May 17 were 50.6 millions of dollars greater than by considerably less than the seasonal amount, and whole at the same time last year. Loans have not changed mate sale trade declined more than usual. Business failures in rially in recent weeks, but investments are higher than for creased and were larger than in April- last year. most weekly report dates in the past two years. The in ►April sales by reporting department stores in this District crease in investments continues to be due to larger holdings actually declined from March, but because April was shorter of securities guaranteed by the United States and of Other by two business days than March, the daily rate increased. Securities, offset in part by decreases in holdings of direct The rise was, however, less than usually occurs and the obligations of the United States. Loans on May 17 were index of daily average sales, after seasonal adjustment, de 24.5 millions larger than a year earlier, while investments clined 8.0 per cent from March. At 114.6 per cent of the were 26.1 millions greater. 1923-1925 average, however, it was higher than for April ► Following a new high of 371.4 millions of dollars on of any other year since 1920. April sales reported to the April 12, demand deposits-adjusted increased to 373.3 mil lions, another new high, on April 26, but have averaged C O N D IT IO N O F 2 2 M EM BER B A N ES IN SELE C TED C IT IE S slightly less in the first three weeks of May, although 40.7 ( I n T h o u s a n d s of D o lla r s ) M a y 17, C h a n g e F ro m : millions greater than at the corresponding time a year 1 9 39 A p r. 1 2 ,1 9 3 9 M a y 1 8 ,1 9 3 8 ago. Time deposits, however, have increased and on May $ 6 0 5 ,5 8 8 + 1 ,8 9 1 4 - 5 0 ,5 7 3 L o a n s a n d I n v e s tm e n ts — T o t a l ............... — 490 3 0 8 ,1 2 6 4 - 2 4 ,4 7 1 L o a n s — T o t a l........................................................... 17 were at the highest level recorded since the spring of C o m m e rc ia l/ i n d u s tr i a l a n d 1 8 2 ,3 3 5 4 - 3 1 ,7 2 3 4* 1 0 ,5 6 3 a g r i c u l t u r a l l o a n s .................................... 1933. Interbank deposits increased about 26 millions of D is tr ic t Business and industrial activity in the Sixth S i/m u iflr v Federal Reserve District declined somewhat — 41 — 5 ,9 9 4 CO CD 2 ,6 1 7 + , O p e n m a r k e t p a p e r ...................................... L o a n s to b r o k e r s a n d d e a l e r s in s e c u r i t i e s ................................................... . . . O th e r lo a n s fo r p u r c h a s i n g o r c a r r y i n g s e c u r i t i e s ............................ . . . H e a l e s t a t e l o a n s ............................................ . . . L o a n s to b a n k s ................................................. O th e r l o a n s ........................................................ . . . . I n v e s tm e n ts — T o t a l............................................ . . . U . S . d ir e c t o b l i g a t i o n s ............................ . . . O b lig a tio n s g u a r a n t e e d b y U . S — . . . . O th e r s e c u r i t i e s .............................................. . . . R e s e r v e w ith F . R . B a n k ............................... . . . C a s h in v a u l t ........................................................ . . . . B a la n c e s w ith d o m e s tic b a n k s ............... . . . D e m a n d d e p o s i t s - a d j u s t e d ......................... . . . T im e d e p o s i t s ...................................................... . . U. S . G o v e r n m e n t d e p o s i t s ....................... . . . . D e p o s its of d o m e s tic b a n k s ....................... . . . — 1 ,0 8 8 — 1 ,1 0 4 + 1 ,6 5 2 + 92 — 1 1 ,7 1 5 4* 2 ,3 8 1 — 285 4579 4- 2 ,0 8 7 — 6 ,4 2 2 — 1 ,3 8 3 4533 — 4 ,6 0 0 4 - 2 ,5 3 5 4323 — 4 ,2 0 2 — 3 ,2 0 9 4- 2 ,1 8 2 — 2 ,6 3 8 — 2 ,1 3 7 4 - 2 6 ,1 0 2 — 4 ,2 5 6 4 - 2 0 ,5 3 9 4- 9 ,8 1 9 4 - 1 7 ,1 0 1 4259 4 - 4 3 ,9 1 9 4 4 0 ,7 2 7 4- 6 ,0 2 7 4 - 1 6 ,0 8 5 4 - 5 5 ,0 0 3 — 70 1 2 ,1 6 4 2 9 ,9 7 6 993 7 4 ,0 4 7 2 9 7 ,4 6 2 1 4 9 ,8 5 2 6 0 ,4 5 0 8 7 ,1 6 0 1 1 1 ,1 6 4 1 1 ,5 5 5 1 7 5 ,0 5 6 3 6 6 ,7 7 5 1 8 8 ,9 9 9 3 9 ,1 0 5 2 5 5 ,4 3 4 362 C O N D IT IO N O F FED ER A L R ESER V E B A N E O F ATLANTA (I n T h o u s a n d s of D o lla r s ) M a y 17, C h a n g e F ro m : A p r. 1 2 ,1 9 3 9 M a y 1 8 ,1 9 3 8 19 39 __ 616 B ills d i s c o u n t e d ................................................. $ 77 4- 21 19 797 — I n d u s tr ia l a d v a n c e s ....................................... 21 + "726 U n ite d S ta t e s s e c u r i t i e s .............................. .......... 1 1 6 ,4 2 2 + 5 ,0 0 6 . 1 1 7 ,3 1 7 4* 1 T o ta l b ills a n d s e c u r i t i e s .................... + 5 ,1 1 8 4 - 3 9 ,4 8 8 — 8 ,7 4 6 T o ta l c a s h r e s e r v e s ......................................... . . . . 2 8 9 ,1 7 5 F . R. n o te c i r c u l a t i o n .................................... . . . . 14 9,8 1 1 4- 1 ,3 9 8 + 4 ,5 1 0 + 2 4 ,9 1 0 — 1 0 ,2 4 3 M e m b e r b a n k r e s e r v e a c c o u n t ............. 1 8 5 ,1 6 2 4 9 ,2 7 5 + 2 ,6 3 0 U. S . T r e a s u r e r g e n e r a l a c c o u n t . . . . + 6 ,8 1 0 + 4 1 ,3 9 9 2 5 1 ,5 2 7 — 10,121 T o ta l d e p o s i t s ................................................. C o m m itm e n ts to m a k e i n d u s tr i a l — 1 — 28 .......... 150 2 B u s in e s s C o n d it io n s in t h e D E B IT S T O IN D IV ID U A L A C C O U N T S (In Th ou sand s o! D o llars) ALABAM A— B ir m in g h a m ............. D o th a n ......................... M o b ile .......................... M o n tg o m e r y ........... A p ril 1 9 39 8 1 ,5 8 4 $ 2 ,9 6 6 3 2 ,5 3 5 2 0 ,4 7 0 $ FL O R ID A — J a c k s o n v il le ............. M ia m i............................ P e n s a c o l a .................. T a m p a .......................... M arch 19 39 8 8 ,6 7 4 3 ,3 9 3 3 5 ,2 9 5 2 0 ,8 1 8 $ A p ril 19 38 7 5 ,6 2 9 2 ,7 7 5 3 5 ,4 7 2 1 9 ,0 3 7 Per C ent C h an g e A p ril 1 9 3 9 f r o m : :M a r. 1 9 3 9 A p r .1 9 3 8 — 8.0 + 7 .9 — 12.6 + 6 .9 — 7 .8 — 8 .3 — 1 .7 + 7 .5 7 3 ,3 9 1 5 1 ,2 4 8 8 ,6 2 1 2 8 ,1 7 5 8 3 ,9 3 3 6 3 ,5 8 9 8 ,4 1 3 3 0 ,4 1 8 7 2 ,9 2 8 4 7 ,1 6 3 8 ,1 7 1 2 7 ,3 5 0 — 12.8 — 1 9 .4 + 2 .5 — 7 .4 + 0.6 + 8 .7 + 5 .5 + 3 .0 4 ,2 5 2 1 8 6 ,6 0 5 1 7 ,2 4 4 2 ,7 0 8 1 2 ,8 5 0 1 ,1 4 9 1 3 ,6 1 7 1 ,7 3 4 2 6 ,1 1 8 3 ,4 4 0 5 ,3 7 6 2 0 1 ,0 7 9 1 6 ,5 6 3 2 ,6 9 1 1 3 ,5 0 1 4 ,4 8 7 1 8 5,8 2 1 1 5 ,1 5 7 2 ,7 0 3 1 1 ,8 7 6 1 4 ,3 6 8 2 7 ,7 4 7 3 ,8 6 4 1 2 ,4 7 7 1 ,3 4 0 2 6 ,7 4 3 3 ,4 9 5 — 2 0 .9 — 7 .7 + 4 .1 + 0.6 — 4 .8 + 2.6 — 5 .2 — 7 .2 — 5 .9 — 11.0 — 5 .2 — 0.1 + 1 3 .8 + 0.2 + 8.2 + 4 .3 + 9 .1 + 2 9 .4 — 2 .3 — 1.6 LO U ISIA N A — N e w O r l e a n s .......... 1 9 1 ,5 4 4 2 3 3 ,3 3 8 1 8 9 ,8 3 6 — 1 7 .9 + M IS S IS S IP P I— H a t t i e s b u r g ............... J a c k s o n ....................... . M e r id i a n ..................... V ic k s b u r g .................. 4 ,7 2 4 2 4 ,7 1 4 1 0 ,7 4 9 6 ,7 2 1 5 ,4 4 8 2 7 ,2 0 9 1 1 ,1 6 6 7 ,6 8 7 4 ,2 2 3 2 5 ,3 7 3 9 ,0 9 4 6 ,9 6 7 — 1 3 .3 — 9 .2 — 3 .7 — 12.6 + 1 1 .9 — 2.6 + 1 8 .2 — 3 .5 TEN N ESSEE— C h a t t a n o o g a .......... K n o x v ille ..................... N a s h v ill e ..................... 4 1 ,5 9 5 2 7 ,4 4 3 7 3 ,2 9 0 4 4 ,5 5 2 3 0 ,8 0 4 8 0 ,9 8 4 3 6 ,3 7 3 2 6 ,1 7 6 7 2 ,9 2 2 — 6.6 — 1 0 .9 — 9 .5 + 1 4 .4 + 4 .8 + 0 .5 9 4 8 ,4 8 7 $ 1 ,0 6 3 ,8 9 8 $ 9 1 6 ,5 2 3 — 1 0 .9 + 3 .5 U N ITED S T A T E S — 141 C i t i e s ..................... . $ 3 0 ,1 4 3 ,4 1 1 $ 3 4 ,4 8 5 ,7 9 9 $ 3 1 ,1 6 9 ,0 9 2 12.6 — 3 .3 G E O R G IA — A l b a n y .......................... A t l a n t a .......................... A u g u s t a ....................... B r u n s w ic k .................. C o lu m b u s .................. E l b e r to n ....................... M a c o n .......................... N e w n a n ....................... S a v a n n a h .................. V a l d o s t a ..................... . . S IX T H D IS T R IC T — 2 6 C i t i e s ....................... . $ ‘ 1,120 1,868 1,102 — 0 .9 dollars between early January and April* 5, but have since that time declined slightly. ►At the Federal Reserve Bank of Atlanta member bank re serve deposits have declined somewhat from the record total reported on April 12. Total deposits, and total cash reserves, have also declined. Federal Reserve note circulation of this bank’s issue has recently increased slightly, and dis counts for member banks have continued in small volume. ►Estimates based on latest available figures of deposits for all member banks in this District indicate that reserve de posits on May 17, amounting to 185.2 millions of dollars, were about 41.4 millions, or 28.8 per cent, in excess of legal requirements. In the latter half of April estimated excess reserves averaged 45.4 millions, or 31.7 per cent, of legal requirements. ►Check transactions at 26 cities in the District declined 10.9 per cent from March to April, but were 3.5 per cent larger than a year ago, which compares with a decline of 3.3 per cent for 141 cities located throughout the country. Agriculture Total farm income in the six states of this District in the first quarter of 1939 was 14 per cent smaller than in that part of 1938. Receipts from crop marketings were down 42.3 per cent, but income from livestock and livestock products was 4.5 per cent larger. Combined receipts from crops and livestock were 28.9 per cent smaller, but this was partly offset by a large increase in Government benefit payments. For March total receipts increased 21.0 per cent over February. ►Prospective production of peaches in the 10 Southern peach states, on the basis of the May 1 condition, was 16,191,000 S ix t h F ed era l R eserve D is t r ic t bushels, compared with 16,070,000 bushels produced last year. In the Sixth District, Georgia and Florida production is expected to be smaller than in 1938, but increases are in dicated in Alabama, Louisiana and Mississippi. In Georgia curculio infestation is extensive and dropping of fruit heavier than usual, and Florida peaches were injured by winter cold. The estimate of Florida oranges from the 1938 bloom was increased one million boxes from April 1 to May 1, to 30.9 million. The estimate of grapefruit con tinues at 21 million boxes. Potato prospects in northern Florida have been reduced because of poor growing weather, and in Louisiana by damaging frosts earlier in the season, but good progress is reported in Georgia, Alabama and Mis sissippi. Industry There were further gains in April in contracts awarded for residential construction in the Sixth District, and in building permits issued at twenty re porting cities. Other classes of construction contracts de clined, however, textile operations were lower, and output of pig iron and of coal declined. ►The value of residential contracts awarded in April was 14.0 per cent larger than for March and the largest for any month in eleven years. The April total included a housing project in New Orleans amounting to about two and one-half millions of dollars. Other awards declined 38.0 per cent from March, however, and the April total for the District was down 20.0 per cent, although 38.0 per cent larger than for April last year. In the first four months of 1939 total awards in the District have amounted to 89.7 millions of dollars, a gain of 66.1 per cent over the corresponding period last year, which compares with an increase of 45.1 per cent for the 37 Eastern States. ►A decline in textile operations is reflected in a reduction of 6.9 per cent in the daily rate of cotton consumed in Georgia, Alabama and Tennessee to the lowest level since October. The increase of 48.0 per cent over April last year in this District compares with a gain of 38.0 per cent for the country. For the current cotton year, August through April, consumption in this District has been 19.3 per cent larger than in that part of the previous season. ►Steel mill activity in the Birmingham area declined further in April and early May, although there was a slight rise in the second week of May to 46.5 per cent of capacity. The rate of pig iron output in Alabama declined further in April by 15.0 per cent, but was 21.0 per cent above that of April last year. In the United States, the daily rate declined 11.3 per cent in April and was 49.4 per cent higher than a year ago. Coal production declined substantially in April, in the United States as a whole and in Alabama and Ten nessee, because of the strike. ►The daily rate of electric power production in the District increased 2.4 per cent in March, the latest month for which figures are available, and was 20.1 per cent greater than in March, 1938. In the United States the rate declined 1.1 per cent in March and was 11.1 per cent greater than a year ago. ►Operations at southern pine lumber mills in April and early May were at a level considerably higher than at the same time last year. B u s i n e s s C o n d it i o n s in t h e S IX T H D IST R IC T B U SIN E S S STA T IS T IC S SALES A p ril 1 9 39 __ C o m p a r e d W ith R ETA IL TR A D E M a r. 1 9 3 9 A p r. 1 9 38 A t l a n t a ................................. — 10.6 +4.6 B ir m in g h a m ....................... — 5.1 + 4.3 C h a t t a n o o g a .....................— 10.9 — 1.1 M o n tg o m e r y ..................... + 6.5 + 4.9 N a s h v ill e ............................. — 9 .6 + 3.8 N e w O r l e a n s .....................+ 3.9 + 2.1 O t h e r s .................................... — 1 3 .4 — 0.4 D IST R IC T (4 6 F i r m s ) . — 7 .4 + 2 .2 W H O LESA LE TRA D E G r o c e r i e s .............................— 11.0 D ry G o o d s ..........................— 20.2 H a r d w a r e ............................ — 5 .7 E le c tr ic a l G o o d s ........... + 10.1 D r u g s ...................................... — 1 5 .5 S h o e s .......................................— 2 8 .5 T O T A L ...............................— 1 1 .0 — 22,146 $ 2 7 ,7 4 2 10,935 9 ,6 0 4 11,211 1 8 ,1 3 8 2,222 4 ,4 1 8 7,802 9 ,0 8 5 4,003 6 ,8 3 1 7,375 4 ,6 5 6 1,992 2 ,7 0 0 2,568 3 ,8 3 9 — 9 .0 — 1 .3 8 3 .1 3 9 .4 5 0 .2 7 8 .9 6 4 .2 2 6 .7 6 0 .0 J a n .- A p r ., In c l. 1939 1938 257 252 3 ,1 1 6 $ 3 ,1 7 2 $ 1 6 ,0 8 0 7 ,5 0 9 8 ,5 7 1 1 ,2 2 5 5 ,6 3 6 2 ,8 1 2 4 ,4 3 1 1 ,6 6 1 2 ,9 9 1 $ 8 9 ,7 0 9 3 3 ,4 1 6 5 6 ,2 9 3 1 1 ,8 6 9 2 7 ,0 6 9 2 0 ,5 8 6 2 0 ,6 8 7 1 2 ,7 8 1 1 3 ,4 1 7 $ 5 4 ,0 8 2 2 1 ,6 6 0 3 2 ,4 2 2 7 ,2 9 5 1 7 ,5 4 3 9 ,4 5 4 1 3 ,1 1 5 4 ,4 9 3 1 3 ,0 3 7 $ 1 8 ,1 2 7 260 3 ,3 5 0 $ 2 0 ,8 8 4 1 ,5 9 4 992 2 ,3 8 1 1 ,6 2 6 1 ,5 2 2 1 2 ,7 7 0 897 614 ed era l R eserve D is t r ic t 6,811 487 343 1,021 1,037 266 3,657 5 ,5 6 4 438 303 523 371 436 3 ,4 9 4 191 232 158 1 ,2 1 3 468 863 306 C O A L P R O D U C T IO N — Tons A la b a m a .................................... Te n n e sse e ................................. A p ril 58 11 2 14 184 5 ,0 4 9 298 13 9 915 88 1,200 918 4 ,5 4 8 490 1 ,6 3 0 9 ,3 4 1 RETAIL SALES*— A d ju s te d D IST R IC T ( 2 7 F i r m s ) ............................................................. . .111144.6 A t l a n t a .............................................................................................. 1 9 3 .3 B ir m in g h a m ................................................................ C h a t t a n o o g a ............................................................................... ........ N a s h v ill e .........................................................................................1 .1 0044 .0 N e w O r l e a n s ............................................................................... 9 7 .3 R ETAIL S T O C K S — U n a d ju s te d D IST R IC T (2 4 F i r m s ) ............................................................. . . 7 3 .1 .8 A t l a n t a .............................................................................................. 1 2 3 .4 B ir m in g h a m ................................................................................... 7 2 .1 C h a t t a n o o g a ............................................................................... ,. 6 3 .5 N a s h v ill e ......................................................................................... . . 6 0 .9 N e w O r l e a n s ............................................................. . . 6 2 .9 A p r. 1938 110.0 1 8 7 .9 1 0 0 .7 8 0 .9 8 3 .7 9 7 .1 1 2 4 .5 2 2 5 .3 1 0 7 .7 9 6 .2 1 1 9 .3 101.0 1 0 4 .8 1 7 4 .0 9 9 .7 7 9 .3 8 1 .3 9 0 .7 7 2 .8 1 2 3 .4 6 9 .9 6 1 .7 5 7 .4 6 2 .1 7 2 .8 1 1 3 .4 7 4 .2 6 5 .1 5 5 .5 6 3 .3 7 0 .7 6 9 .3 1 0 8 .0 7 0 .7 6 2 .0 5 3 .4 6 0 .9 RETAIL STO C K S— A d ju s te d C h a tta n o o g a . . . 7 0 .3 ..1 1 7 .5 .. 6 8 .7 .. 6 0 .5 . . 5 8 .6 . . 6 0 .5 G r o c e r ie s . .. ,. .. .. 6 4 .4 4 8 .9 4 9 .9 9 1 .0 7 2 .4 5 4 .9 6 2 .5 9 6 .5 .. 9 8 .4 1 1 6 .4 . . 6 3 .1 . . 7 7 .9 . . 5 3 .2 , , 4 8 .6 . . 5 3 .8 . . 6 0 .1 ,..1 1 7 .3 7 9 .0 6 8 .4 F u r n i t u r e ................................................................ D r u g s .......................................................................... A l a b a m a ................................................... F l o r i d a ........................................................ G e o r g i a ...................................................... L o u i s i a n a ................................................. M is s is s ip p i.............................................. T e n n e s s e e ................................................ B U ILD IN G PER M ITS—2 0 C it ie s . 3 ,7 6 3 1 ,3 3 0 (0 0 0 O m itte d ) M a rc h A p ril A u g .- A p r ., I n c l. 1939 19391938 1938-39 1 9 3 7 -3 8 70 46 544 458 127 73 1 ,0 1 7 842 16 10 12 9 1 17 213 129 1 ,6 9 0 1 ,4 1 7 3 SS IN DEXES a s n o te d ) RETAIL SA LES*— U n a d ju s te d Ip r. 19 39 M a r. 19 39 D IST R IC T (2 7 F i r m s ) ............................................................. 1 1 5 .2 . . . 1 1 9 .2 .2 A t l a n t a .............................................................................................. 2 0 6 .8 211.8 B ir m in g h a m ................................................................................. 1 10 80 .0 8 .0 1 0 3 .4 C h a t t a n o o g a ............................................................................... 8 3 .3 86.6 N a s h v ill e .........................................................................................106.1 1 0 8 .6 . . 10 3.1 9 1 .9 N e w O r l e a n s ............................................................................... C O N T R A C T S A W A R D ED —D IST R IC T . P IG IR O N P R O D U C T IO N — Tons A la b a m a .................................... C O T T O N SE E D C R U SH ED — T o n s * ................................................... — 8.1 + 4 .4 + 0.6 — 4 .2 + 4 .2 + 1 8 .2 + 9 .2 + 1 4 .1 — 0 .7 + 6 .7 ( 0 0 0 O m itte d ) A pril M arch A p ril 1939 1939 1938 66 47 46 948 $ 377 $ 785 $ B U ILD IN G PERM ITS— 20 C I T I E S ................................. $ A tla n ta ....................................... Birm ingham ............................. Ja ck so n ville............................. N a sh v ille ................................... N ew O r le a n s ........................... 15 O ther C it ie s ....................... C O T T O N C O N S U M P T IO N B a le s A l a b a m a ............................................ G e o r g i a .............................................. T e n n e s s e e ......................................... TO TA L TH REE S T A T E S ... 3.2 0.0 + 1 4 .0 +4.1 + 1 4 .1 — 1 6 .9 + 2 .6 C O M M E R C IA L F A IL U R E S — D IS T R IC T N um ber..................................... L ia b iU ties................................. $ C O N T R A C T S A W A R D ED — D IS T R IC T ................................. $ R e sid e n tia l............................... A ll O th e rs................................. A la b a m a ................................... F lo r id a ....................................... G e o rg ia ..................................... L o u is ia n a ................................. M ississip p i............................... T e n n e sse e ................................. STOCKS CO LLEC T IO N J a n .-A p r. In c l. A p r. 1 9 3 9 R A TIO C o m p a red C o m p a re d ' W ith W ith A p r. 1 9 3 8 A p r. 1 9 3 9 Y ear A go 2 5 .3 + 9 .7 + 6.1 — 5 .2 3 4 .6 + 6 .3 — 2 .4 + 8 .7 + 5 .9 — 1 5 .3 2 7 .5 + 6 .7 + 9 .8 — 0 .5 3 2 .0 + 2.2 3 4 .8 + 2.8 + 0.8 3 0 .5 + 5 .2 + 0 .3 S ix t h F P I G IR O N P R O D U C T IO N —ALABAM A*. A la b a m a . G e o r g ia .. .. 4 6 .3 . . . 6 0 .5 3 1 .4 . . 2 3 .2 . .1 2 4 .1 . . 1 6 3 .5 121.0 6 8 .5 5 8 .2 5 6 .3 5 9 .7 86.1 9 6 .6 6 2 .6 1 0 2 .5 7 4 .0 1 4 0 .0 6 9 .2 4 9 .5 2 8 .3 2 0 .4 6 3 .6 5 8 .5 3 3 .9 6 3 .8 6 6 .3 4 9 .3 5 0 .2 7 3 .5 6 0 .3 1 0 1 .7 4 5 .8 5 3 .5 4 0 .7 2 6 .8 3 8 .9 4 2 .2 7 0 .5 86.1 5 3 .9 4 4 .9 1 9 .2 9 .4 111.2 1 3 .9 20.2 6 1 .1 . . 8 3 .4 9 8 .2 6 9 .0 1 5 5 .2 . . 1 7 3 .4 .. 1 4 8 .3 . . 1 4 6 .9 1 6 6 .7 1 9 5 .0 1 5 5 .3 1 5 7 .5 1 0 4 .9 1 3 3 .8 9 2 .3 1 0 4.1 1 3 2 .5 118.1 1 4 1 .9 1 2 5 .2 1 2 9 .0 1 1 7 .0 1 3 2 .2 EM PLO YM EN T (A v . fo r 1 9 3 2 — 1 0 0 ) , 1 2 4 .3 A l a b a m a ...................................................................................................... . .1 1166.3 F l o r i d a ...............................................................................................1 .3 .. 1 4 2 .5 G e o r g i a .......................................................................... . . 1 2 7 .8 L o u i s i a n a .......................................................................................1 . . 1111.2 M is s is s ip p i.................................................................................... 1 1 .2 T e n n e s s e e .......................................................................................1 2 7 .3 SIX ST A T E S ............................................................................ 13 0.1 1 2 7 .6 1 3 1 .5 1 0 3 .0 1 1 7 .8 1 2 4 .5 M a rc h F eb. M a rc h J a n .-M a r . In c l. 1939 1939 1938 1939 1 9 38 FA R M IN C O M E *— S ix S t a t e s . $ 5 1 ,7 5 9 $ 4 2 , 7 1 5 $ 5 2 ,9 0 8 $ 1 3 8 ,4 1 0 $ 1 6 1 ,1 6 8 A l a b a m a ............................................ 6 ,0 9 5 3 ,4 0 4 7 ,2 0 9 1 3 ,3 0 6 2 0 ,0 0 8 F l o r i d a ................................................. 1 5 ,5 7 7 1 1 ,9 3 1 1 5 ,3 7 8 3 7 ,0 2 4 4 0 ,6 8 4 G e o r g i a .............................................. 7 ,4 5 7 4 ,0 2 4 5 ,9 5 4 1 5 ,8 5 3 1 7 ,3 6 3 L o u i s i a n a ......................................... 5 ,2 1 8 3 ,6 3 2 5 ,3 5 5 1 3 ,4 0 7 1 7 ,8 6 8 M is s is s ip p i....................................... 9 ,5 4 1 1 2 ,7 2 7 7 ,0 4 7 3 0 ,3 9 8 2 9 ,2 5 3 T e n n e s s e e ......................................... 7 ,8 7 1 6 ,9 9 7 1 1 ,9 6 5 2 8 ,4 2 2 3 5 ,9 9 2 PAYROLLS (A v . fo r 1 9 3 2 — 1 0 0 ) ..1 8 4 .5 A l a b a m a ....................................................................... . . 9 4 .0 F l o r i d a .............................................................................................. . 1 8 1 .4 G e o r g i a ............................................................................................1 . . 1 4 5 .7 L o u i s i a n a .......................................................................................1 . . 1 3 7 .9 M is s is s ip p i.................................................................................... T e n n e s s e e .......................................................................................159 Z' ..1 6 5 .8 S IX ST A T E S .............................................................................165 2 0 4 .6 9 6 .5 1 8 2 .5 1 4 3.4 1 3 8 .7 1 6 1 .6 1 7 0 .0 1 8 3 .3 9 2 .4 1 5 3 .6 1 4 7 .8 1 2 4 .6 1 4 0 .3 1 5 3 .2 EL EC TR IC P O W E R P R O D U C T IO N — k w h o u r s A l a b a m a .......................... ELEC TR IC P O W E R P R O D U C T IO N * M a r. 1 9 39 A l a b a m a ......................................................................................... 3 4 9 .2 F l o r i d a .............................................................................................. 4 8 5 .8 G e o r g i a ............................................................................................2 5 6 .7 L o u i s i a n a ........................................................................................4 9 3 .9 M is s is s ip p i.................................................................................... 7 0 .8 T e n n e s s e e .......................................................................................2 9 9 .3 SDC ST A T E S .............................................................................3 3 4 .2 B y W a te r P o w e r .................................................................. 4 2 4 .1 B y F u e l s .......................................................................................2 3 4 .5 105 134 FERTILIZER T A G SALES— T o n s TO TA L S IX S T A T E S.......... 606 710 ‘ G e o r g i a , A la b a m a , L o u i s i a n a , a n d M is s is s ip p i. 14 8 1 ,3 7 1 2 ,0 9 8 522 1 ,9 0 9 2 ,1 2 9 (0 0 0 O m itte d ) L o u is ia n a .. . . .. . .. ., 2 7 9 ,0 1 1 9 8 ,8 0 4 1 5 4 ,2 0 8 1 3 1 ,5 3 6 4 ,5 7 8 1 8 7 ,8 1 2 8 5 5 ,9 4 9 5 7 0 ,9 8 5 2 8 4 ,9 6 4 2 4 4 ,3 8 4 r 9 0 ,6 7 5 1 3 7 ,5 0 0 r 1 2 4 ,2 6 1 3 ,8 7 1 1 5 4 ,2 7 8 r 7 5 4 ,9 6 9 r 4 6 9 ,0 2 5 2 8 5 ,9 4 4 r *Includes Government payments, r = revised. 2 4 8 ,3 0 3 9 2 ,0 7 0 1 2 9 ,5 3 5 1 1 9 ,2 5 4 8 2 7 ,3 7 4 6 9 8 ,2 8 9 2 8 9 ,8 1 4 2 7 1 ,5 5 3 4 1 5 ,5 6 3 3 6 0 ,0 3 4 4 0 4 ,9 2 8 3 4 4 ,0 9 6 6,011 1 4 ,1 4 1 1 8 ,8 2 7 1 1 7 ,7 9 2 5 1 5 ,8 4 1 3 5 2 ,1 9 6 7 1 2 ,9 6 5 2 ,4 6 7 ,6 6 1 2 ,0 4 4 ,9 9 5 3 7 9 ,5 1 9 1 ,4 9 5 ,1 0 3 1 ,0 5 0 ,5 7 9 3 3 3 ,4 4 6 9 7 2 ,5 5 8 9 9 4 ,4 1 6 112.8 120.0 F e b . 1 9 39 M a r. 1 9 38 3 3 8 .7 r 3 1 0 .8 4 9 3 .6 4 5 2 .7 2 5 3 .4 2 1 5 .6 5 1 6 .6 4 4 7 .8 6 6 .0 9 2 .8 2 7 2 .2 r 1 8 7 .7 3 2 6 .3 r 2 7 8 .3 3 8 5 .1 2 8 1 .9 2 6 0 .5 r 2 7 4 .4 *Indexes of retail sales, electric power and pig iron production, and of cotton consumption are on a daily average basis, r = revised. B u s i n e s s C o n d it i o n s 4 in t h e S ix t h F ed era l NATIONAL SUMMARY OF BUSINESS CONDITIONS R eserve D is t r ic t INDUSTRIAL PRODUCTION P rep ared b y the Board of G overnors of the F e d e ra l R eserve System V/’OLUME of industrial production declined sharply in April reflecting chiefly " shutdowns at bituminous coal mines and reduction in activity at textile mills. Retail purchases by consumers were maintained. P r o d u c tio n In April the Board’s seasonally adjusted index of output at factories and mines was at 92.0 per cent of the 1923-1925 average, compared with 98 in March and 77 a year ago. In the steel industry production declined in April and the first three weeks of May but in the fourth week ingot output increased to 48% per cent of capacity, about the rate prevailing a month earlier. Around the middle of May substantial concessions were made in prices of some types of steel and it is reported that a considerable volume of orders for steel was placed during thiis period. Automobile production in April was at about the same rate as in March, although usually there is some increase, and in May output declined owing in part to the fact that stocks of new cars were larger than is usual at this time of the year. Plate glass production decreased sharply in April following smaller declines earlier in the year. In the lumber industry output increased somewhat in April, while cement produc tion, which had risen sharply in February and March, showed less than the usual increase. Textile production declined sharply in April, particularly at woolen mills, where output had been at a high level, and in the silk goods industry where further curtail ment reflected in part recent high prices for raw silk. Output of shoes showed a decrease from the high level maintained during the first quarter of this year. At flour mills and sugar refineries activity increased further, while in most other nondurable goods lines changes in output were largely seasonal in character. Bituminous coal production was in small volume during April and the first half of May as most mines were closed pending settlement of contract negotiations between mine operators and workers. After the middle of May agreements were reached at most mines and output began to increase rapidly. Production of anthracite, which had been reduced in March, increased sharply in April and crude petroleum production rose further. In the first half of May anthracite production was maintained but petroleum output declined somewhat. Value of construction contracts awarded, according to the F. W. Dodge Corporation, was larger in April than in March, owing chifly to a rise in awards for public projects. Contracts for private construction showed little change in the aggregate as private residential contracts declined, contrary to seasonal tendency, while contracts for com mercial, factory, and other private construction increased. In the first half of May awards for private work increased somewhat while the volume of public contracts declined. Index of p h y sica l volum e of production, adjusted for se aso n a l variation , 1923-1925 a v e ra g e — 100. B y months/ Ja n u a ry, 1934, to A p ril, 1939. FACTORY EMPLOYMENT AND PAYROLLS Indexes of num ber em ployed a n d p a y ro lls, without a d justment for se a so n a l variation , 1923-1925 a v e ra g e = 100. B y months, Ja n u a ry, 1934, to A p ril, 1939. Indexes com piled b y U. S. B u reau of La b o r Statistics. MONEY RATES IN NEW YORK CITY E m p lo y m e n t Employment in nonagricultural pursuits declined somewhat from the middle of March to the middle of April reflecting a sharp drop at bituminous coal mines offset in part by seasonal increases in construction and trade. At factories the number em ployed showed little change while payrolls declined considerably because of fewer hours of work. D is tr ib u tio n In April distribution of commodities to consumers showed about the usual seasonal increase. The Board’s adjusted index of department store sales remained at 88.0 per cent of the 1923-1925 average, about the level that has prevailed since last autumn. Railroad freight-car loadings declined sharply owing mainly to a reduction in ship ments of coal. Loadings of miscellaneous freight showed less than the usual seasonal rise. Fo r w e e ks ending Ja n u a ry 6, 1934, to M ay 20, 1939. C o m m o d ity P r ic e s Prices of grains and cotton advanced from the middle of April to the third week of May and there were also increases in prices of silk, hides, and bituminous coal. Prices of copper and steel scrap, on the other hand, were reduced, and substantial concessions were granted in prices of several leading steel products. DEPARTMENT STORE SALES AND STOCKS B a n k C r e d it Total loans and investments at reporting member banks in 101 leading cities, which had increased in April, declined during the first half of May. The decline was at New York City banks and reflected a reduction in loans to security brokers and dealers and redemption of obligations of New York State and City Governments. After increasing substantially in April, demand deposits at banks in leading cities showed little change in the first half of May. Bank reserves increased further in May to a new high level. M o n e y R a te s Prices of United States Government bonds and notes increased sharply during the last half of April and the first three weeks of May to new high levels. The average yield on long-term Treasury bonds declined from 2.34 per cent on April 11 to 2.13 per cent on May 22. Other money rates showed little change. Indexes of value of sales and stocks, adjusted for seasonal variation, 1923-1925 average = 100. By months, January, 1934, to April, 1939.
@FedFRASER